Ximen Completes Initial $300,000 Payment for the Bret Gold Project and Increases Financing to $750,000
Vancouver, British Columbia--(Newsfile Corp. - January 22, 2014) - Ximen Mining Corp. (TSXV: XIM) (the "Company" or "Ximen") is pleased to announce that it has closed the second tranche of its financing announced on December 4, 2013. The Company has now closed on 1,862,000 units ($465,000) of its non-brokered private placement consisting of 2,000,000 units at a price of $0.25 per unit in the capital stock of the Company.
The Company further announces that it has increased this financing which will now be comprised of up to 3 million units at a price of $0.25 cents per unit for gross proceeds of up to $750,000. The proceeds of the financing include a $300,000 initial cash payment for the Bret gold property in British Columbia and general working capital.
Key Highlights of Ximen's 100% owned Brett Gold Project consisting of 2700 hectares situated in the North Okanagan region of Southwest British Columbia approximately 29 kilometers West of Vernon are:
- Surface bulk sample 291 Ton's processed at Trail recov'd avg 27.74 g/t Au & 63.7 g/t Ag
- Remaining 50% consolidated in 2011 for $1,000,000 cash and $450,000 in shares.
- Approx $750,000 in work conducted on the property in the last 10 years.
- 5 Year permit will be applied for immediately, 32 drill holes and a 1km of trenching.
- Excellent infrastructure and access along well maintained paved and gravel roads.
- Additional staking has increased the property to 2700 hectares
- Previous work include 10,000 M of Diamond Drilling, 2800 M's of RC Drilling
- 100's of M underground workings and two bulk samples
- Most of the work to-date has been done on the main Shear zone traced over 1300 meters
- Three Gold bearing shear zones, but indications may be 15-20 traced at surface
- Prior to 43-101 several drill indicated resources calculations estimated
- Proximity to Kinross's state of the art Kettle River Operations (Buckhorn mine) mill. Since custom milling opportunities exist in the district, the Brett property does not necessarily need to support a stand-alone mine/mill operation to be viable.
- Property hosts epithermal style gold mineralization containing coarse gold and has excellent potential of hosting an economically viable gold deposit.
- Several significant drill holes ex; R93-19, 55 feet of 1.045 Oz/t Gold
XIMEN MINING CORP.
Per: "On behalf of the board"
For more information, please contact:
Ximen Mining Corp.
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Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.